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Bengaluru-based Aster DM healthcare and investment firm Life Science Vision Capital along with social entrepreneurship promoter firm Social Alpha jointly announced on Friday to have set up the country's first incubator-cum-accelerator to develop health technology start-ups.

The incubator-cum-accelerator, XHealth Innovation Lab, has been set up with an initial corpus of USD 50 million (nearly Rs 380 crore) for which investors have already given commitment for 60 per cent of the funding, according to a source involved in the venture.

Aster DM Healthcare Chief Innovation Officer Satish Prasad Rath said COVID-19 has pushed the healthcare system to look for disruptive solutions be it newer lab-on-a-chip diagnostics, support system for healthcare workers in form of personal protection equipment or remote ICU diagnostics to virtually managing chronic and elderly patients through digital healthcare.

"Combining Aster's network of hospitals and healthcare expertise with Life Science Vision Capital's investment philosophy and industry-leading capabilities, we aspire to accelerate the discovery of new therapies by leveraging deep tech in the field of healthcare. We intend to build these newer solutions that can revitalise the healthcare system in a sustainable way," Rath said.

The newly formulated innovation labs will run its own incubator XHealth Innovation Lab and incubate 10 start-ups in each cohort twice a year and develop both scientific and commercial solutions, the statement said.

"Life science and health tech companies are always looking for a data-driven digital innovation approach to help fuel the creation of accessible healthcare solutions. We look forward to collaborating with Aster DM healthcare and other business partners to help accelerate the cycle of healthcare innovation to populations throughout the world," LSV Capital Partners Managing Partner Shu Joshi said.

Aster and LSV will leverage deep analytics across the new platform to better understand key diseases and extract-related insights.

"The innovation lab will run its own 12-week incubator programme coupled with 2 weeks at Aster's hospitals in Bengaluru with 10 health tech start-ups graduating in January 2021. Applications will open on June 20 for the first cohort starting in October 2020," the statement said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)